Financial Advice - at a glance
Protecting yourself or your family from life’s uncertainties is an important part of everyone’s financial plan. We are all venerable to injury, illness or even worst, so it is paramount to put plans in place to protect your standard of living.
Solutions for life
Term Assurance is the cheapest and most straight forward form of life insurance, and it promises to pay out should you die during the term of the policy. There is however no investment attached to it, so if you survive beyond the term of the policy, no money is payable to you, and the cover will end.
What we offer
We can help protect you against all eventualities
- Level & Decreasing Term Assurance
- Critical Illness Cover
- Family Income Benefit
- Income Protection Insurance
- Whole of Life Cover
The options in detail
There are two main forms of term assurance - Level & Decreasing. With Level Term Assurance, the amount of cover (sum assured) will remain level throughout the term of the policy. Should you die during this term, the policy will pay out a fixed lump sum, tax-free.
Decreasing Term Assurance aims to reduce by an amount each year during the term of the policy, eventually to zero. This form of cover is normally taken out to protect a repayment mortgage – as your mortgage reduces, the sum assured also reduces to cover the outstanding debt. Should you die during the term, the policy will pay out the current sum assured tax-free. This form of cover is cheaper than level term assurance.Critical Illness Cover can be taken out alongside, or independently of life assurance. This aims to pay out tax free should you suffer a critical illness. These illnesses vary from insurer to insurer, however they commonly cover certain cancers, heart attack, stroke and permanent disablement. Critical illness can be taken out on a level or decreasing basis. Family Income Benefit is a form of term assurance which aims to provide a regular tax-free income to your family should you die or suffer a critical illness for the remainder of the term. This can be taken with an ‘index linking’ option, which means that the sum assured will increase annually to allow for the increase in the cost of living over time. Income Protection Insurance, previously known as permanent health insurance provides you with a replacement tax-free income should you be incapacitated due to accident or illness. You select the term and amount of the cover, and there is typically a ‘deferred’ or waiting period of 1, 3, 6, 12 or 24 months until the benefit starts to pay. It will continue to pay until you return to work, retire, the policy expires or death. This benefit can also be taken on an index linked basis. Whole of Life assurance differs from term assurance, as the cover is as the name states - for the whole of your life. This policy is guaranteed to pay the sum assured on death, as there is no end date on the policy. These policies are normally taken to cover certain expenses on death like funeral costs, or to cover a known liability like an inheritance tax bill, and can have an investment attached to them although it is designed to provide protection and should not be considered an investment vehicle